# Home Equity Conversion Mortgages; Consumer Protection Measures Against Excessive Fees
> **US Department of Housing and Urban Development** · Final rule. · Published 1999-01-19 · Effective 1999-02-18 · 64 FR 2984
## Document
- **Document number:** 99-1084
- **Category:** hud-other
- **Agency:** US Department of Housing and Urban Development
- **Federal Register citation:** 64 FR 2984
- **CFR reference:** 24 CFR 206
- **Publication date:** 1999-01-19
- **Effective date:** 1999-02-18
- **Docket:** Docket No. FR-4306-F-02
## Abstract

This final rule implements several measures designed to provide protection to elderly homeowners in connection with HUD's Home Equity Conversion Mortgage (HECM) insurance program. The HECM program offers FHA-insured first mortgages providing payments to elderly homeowners based on the accumulated equity in their homes. These FHA- insured HECMs are commonly referred to as ``reverse mortgages.'' The rule is designed to protect homeowners in the HECM program from becoming liable for payment of excessive fees for third-party provided services of little or no value. This rule takes into consideration the comments received on a March 16, 1998 proposed rule.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/1999/01/19/99-1084/home-equity-conversion-mortgages-consumer-protection-measures-against-excessive-fees)
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